Annual Report 2019-2020

ANNUAL REPORT 2019-20 ASHUGANJ POWER STATION COMPANY LTD. (An Enterprise of Bangladesh Power Development Board) ISO 9001:2015, ISO: 14001:2015 & ISO 45001:2018 Certified Management System LIFE SKETCH OF BANGABANDHU SHEIKH MUJIBUR RAHMAN ABOUT APSCL PERFORMANCE IN BRIEF PERFORMANCE TABLE OF CONTENTS About APSCL 4-11 Corporate Ethos 4 Company Information 6 APSCL at a Glance 8 Corporate Directory 10 FROM THE BOARD Performance in Brief 14-17 Performance at a Glance 2019-20 14 Five Years Financial Highlights 16 From the Board 20-77 Board of Directors 20 Directors’ Profile 23 ACHIEVEMENT Management Team 30 Organogram of APSCL 32 Notice to 20th AGM 35 Chairman’s Message 36 Managing Director’s Message 40 Directors’ Report 42 Achievement 80-87 Benchmarks & Milestone 80 Awards & Achievements 82 ISO Certification 84 19th AGM & 7th EGM 86 Additional Corporate Disclosure 90-115 Corporate Governance 90 MD & ED (Finance) Declaration to the Board 91 DISCLOSURE ADDITIONAL CORPORATE Certificate of Corporate Governance 2019-2020 92 Status of Compliance as per Corporate Governance Code 93 Report of the Audit Committee 106 Compliance Report on IAS & IFRS 107 Health, Safety & Environment 108 Memorable Events 2019-20 110 Financial Statements 117-185 FINANCIAL STATEMENTS ANNUAL REPORT 2019-20 1 2 ASHUGANJ POWER STATION COMPANY LTD ABOUT APSCL PERFORMANCE IN BRIEF PERFORMANCE FROM THE BOARD ABOUT APSCL ACHIEVEMENT ADDITIONAL CORPORATE DISCLOSURE ADDITIONAL CORPORATE Corporate Ethos 4 Company Information 6 APSCL at a Glance 8 Corporate Directory 10 FINANCIAL STATEMENTS ANNUAL REPORT 2019-20 3 Corporate Ethos To become the leader in power generation in Bangladesh in line with the government’s target to provide electricity to all 4 ASHUGANJ POWER STATION COMPANY LTD ABOUT APSCL Empowering Bangladesh by expanding the company’s power generation capacity to meet the growing demand of the country through efficient and effective management of facilities and acquisition of capabilities for providing IN BRIEF PERFORMANCE MISSION quality electricity FROM THE BOARD ACHIEVEMENT OBJECTIVES To enhance electricity generation from existing 1690 MW to 4327 MW by 2030 To achieve auxiliary consumption at 4.5% To maintain 90% availability of power plants through proper maintenance To maintain zero accident level consistently To adopt the fuel diversification policy by installing coal and solar-based power plants To provide need-based training to each employee as part of Human Resource Development DISCLOSURE ADDITIONAL CORPORATE FINANCIAL STATEMENTS ANNUAL REPORT 2019-20 5 Ashuganj Power Station Company Limited (APSCL) is one of the largest power generation company in Bangladesh. The Company registered as a private limited company under the Companies Act 1994 on June 26, 2000, as part of the Power COMPANY Sector Development and Reform Program of the Government of Bangladesh. Later, it was transformed into a public limited company on March 1, 2003. APSCL registration No. is 40630 (2326) / 2000. INFORMATION Ashuganj Power Station (APS) Complex was handed over to APSCL through the 1st Provisional Vendor’s Agreement signed between Bangladesh Power Development Board (BPDB) and APSCL on 22 May 2003. All the activities of the company officially started from 01st June 2003 and the overall activities of the company including operation, maintenance and development activities of the Company vested on a management team consisting of managing director, executive director (engineering), executive director (planning and development) and executive director (finance). The authorized share capital of APSCL is BDT 5,000 crore, which is divided into 500 crore shares worth BDT 10 each. At present, the paid-up share capital of the company is BDT 1218.76 crore. Initially, the paid-up capital of the company was BDT ten lacs only. Later, through the 1st Provisional Vendor’s Agreement, signed on 22 May 2003, allotted shares worth BDT 661.40 crore to BPDB. Subsequently, through the Final Vendor’s Agreement, signed on 19 February 2020, an additional share of BDT 557.26 crore was allotted in the name of BPDB. By this Final Vendor’s Agreement, all the liabilities between APSCL and BPDB are settled. BPDB is the owner of 99.99% of the total shares of the company and the remaining shares are owned by the Finance Division, Planning Division, Power Division, and Energy and Mineral Resources Division of Government of the People’s Republic of Bangladesh. To accelerate the generation capacity and to fulfill the growing electricity demand, APSCL regularly implementing energy-efficient gas-based plants and further taken the initiative to implement coal-based power plants in Patuakhali and solar power plants in any suitable location of the country. For this, APSCL already acquired 530.975 acres of land in Patuakhali. Besides this, APSCL successfully issued a bond in the local capital market to raise BDT 6000 million. As part of the Government order, APSCL is working to issue a certain portion of share in the local market. The present installed capacity of APSCL is 1690 MW (about 17% of total electricity generation capacity in the public sector of the country, as on October 2020). Electricity generated by APSCL is being supplied to the national grid and distributed to the consumers throughout the whole country. APSCL plays a significant role in the national economic development by generating about 7.18% (as on October 2020) of the total electricity generation of the country. Natural gas from Bakhrabad Gas Distribution Company Limited is used as the primary fuel for electricity generation and water from the river Meghna is used for steam generation and cooling of the plants. The main portion of the used water is discharging through channels for irrigation in the dry season and the remaining portion of used water is discharging through channels to the river after cooling. It is well known that this water irrigates about 36,000 acres of land of Brahmanbaria district and adjacent areas. 6 ASHUGANJ POWER STATION COMPANY LTD ABOUT APSCL Year of Installed Capacity Present Net Capacity Name of the Unit Commissioning (MW) (MW) Unit - 3 1986 150 129.07 Unit - 4 1987 150 137.49 Unit - 5 1988 150 128.21 50 MW 2011 53 42.134 225 MW 2015 223 214.85 PERFORMANCE IN BRIEF PERFORMANCE 200 MW Modular (Co-Owner with United Enterprise) 2015 195 198.51 450MW CCPP (South) 2016 383 352.927 450MW CCPP (North) 2017 386 357.98 8 Units Total = 1690 1561.17 FROM THE BOARD ACHIEVEMENT ADDITIONAL CORPORATE DISCLOSURE ADDITIONAL CORPORATE FINANCIAL STATEMENTS ANNUAL REPORT 2019-20 7 APSCL -at a Glance DATE OF INCORPORATION 28th June 2000 DATE OF FUNCTIONING 1st June 2003. PAID UP CAPITAL Tk. 1218.76 crore. REGISTERED OFFICE Ashuganj Power Station Company Ltd. Ashuganj, Brahmanbaria-3402. BUSINESS Power Generation. CORPORATE OFFICE Navana Rahim Ardent (Level 8), AREA OF LAND 863.975 acres (333 acres at Ashuganj, 185, Shahid Syed Nazrul Islam Sarani Brahmanbaria & 530.975 acres at Patuakhali). Bijoynagar, Dhaka. MANPOWER LEGAL STATUS 843 (as on 30 June 2020). Public Limited Company. NO. OF UNITS AUTHORIZED CAPITAL 08 (Eight). Tk. 5,000 crore. 8 ASHUGANJ POWER STATION COMPANY LTD ABOUT APSCL PERFORMANCE IN BRIEF PERFORMANCE FROM THE BOARD ACHIEVEMENT INSTALLED CAPACITY 1690 MW. ADDITIONAL CORPORATE DISCLOSURE ADDITIONAL CORPORATE PRESENT DERATED CAPACITY 1561.17 MW. COMPANY WEB SITE www.apscl.gov.bd E-MAIL [email protected] FINANCIAL STATEMENTS ANNUAL REPORT 2019-20 9 Corporate directory CHAIRMAN Mr. Md. Belayet Hossain DIRECTORS 1. Professor Dr. Md. Quamrul Ahsan 2. Professor Mamtaz Uddin Ahmed 3. Mr. Sheikh Faezul Amin, PEng 4. Mr. Abu Alam Chowdhury 5. Mr. Md. Abul Monsur 6. Ms. Tahmina Yeasmin 7. Mr. Al Mamun Murshed 8. Mr. Mustaque Muhammad 9. Mr. Md. Zakir Hossain 10. Md. Rashedul Mahmood Russell 11. Mr. A M M Sazzadur Rahman MANAGEMENT TEAM: 1. Mr. A M M Sazzadur Rahman Managing Director 2. Mr. A K M Yaqub Executive Director (Operation & Maintenance) 3. Mr. Kshitish Chandra Biswas Executive Director (Planning & Development) 4. Mr. Md. Mizanur Rahman Sarker Executive Director (Finance) 5. Mr. Mohammad Abul Mansur, FCMA, ACS Company Secretary PROJECT DIRECTORS: 1. Mr. A K M Yaqub Project Director, Patuakhali 1320 MW coal based super thermal power plant. 2. Mr. Kshitish Chandra Biswas Project Director Ashuganj 400MW CCPP (East) project. 3. Mr. Md. Kamruzzaman Bhuyan Project Director Patuakhali 1320 MW coal based super thermal power plant land acquisition, development and protection project. 10 ASHUGANJ POWER STATION COMPANY LTD ABOUT APSCL OPERATIONAL MANAGEMENT TEAM 1. Mr. Shah Alam Khan, P.Eng. Chief Engineer, Maintenance Unit 2. Mr. Md. Abdul Mazid Chief Engineer (3x600 MW CCPP Project) 3. Mr. Anwar Hossain Chief Engineer (Operation and Maintenance) 4. Mr. Ratan Kumar Paul Deputy General Manager (Finance & Accounts) 5. Mr. Bikash Ranjan Roy Superintendent Engineer (Electrical Maintenance) 6. Mr. Nur Mohammad Superintendent Engineer (Operation) 7. Mr. Muhammad Rokon Miah Superintending Engineer (Electrical), Ashuganj 450MW CCPP (South) 8. Mr. Haris Mohammad Wahedi Superintending Engineer (Mechanical), Ashuganj 450MW CCPP (North) 9. Mr. Nur Mohammad Mostafa Kamal Superintending Engineer (Mechanical), Ashuganj 450MW CCPP (South) IN BRIEF PERFORMANCE 10. Mr. Md. Saiful Islam Superintending Engineer (Planning and Development) 11. Mr. Mohammed Shanayz Superintending Engineer, Ashuganj 450MW CCPP (North) 12. Md. Kabir Hossain Superintending Engineer (Electrical), Ashuganj 450 MW CCPP (East) 13. Mr. Mohammad Mizanur Rahman Superintending Engineer (Maintenance Unit) 14. Mr. Md. Golam Moula Superintending Engineer (Mechanical Maintenance) REGISTERED OFFICE: Ashuganj Power Station Company Limited. Ashuganj, Brahmanbaria-3402 FROM THE BOARD Phone: +8808528-74004; Fax: +8808528-74014, 74044 E-mail: [email protected], [email protected] Website: www.apscl.gov.bd CORPORATE OFFICE: Navana Rahim Ardent (Level-8) 185, Shahid Syed Nazrul Islam Sarani, Bijoynagar, Dhaka ACHIEVEMENT Phone: +880-2-58317632; Fax: +880-2-48310918 Website: www.apscl.gov.bd INVESTORS’ SUPPORT: Mr. Mohammad Abul Mansur, FCMA, ACS Company Secretary Phone: +880-2-58317632 Fax: +88-02-48310918 Email: [email protected] AUDITORS: Masih Muhith Haque & Co.

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